Reversing the Inequality Pandemic: Speech by World Bank Group President David Malpass

World Bank Group President David Malpass: Speech at Frankfurt School of Finance and Management

Malpass-IMFYou can watch the replay of the event here

Introduction

Thank you, Jens. And thanks to Frankfurt School and the Bundesbank for hosting me virtually. I look forward to engaging with you and taking questions from students, who will be future business leaders in a post-COVID world. I’m here to set the stage ahead of the IMF and World Bank Group’s Annual Meetings, which will focus primarily on COVID and debt, and will also engage partners in urgent discussions on human capital, climate change, and digital development.

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A lesson on the pandemic – the lesson we didn’t learn about inequality

School after this pandemic will be different.  To a large extent this is due to many actors – jaime-5094183737_0a362cb9fc_cparents, teachers, mass media, the government, and others – who will have changed their views and perceptions about their role in the education process. This shift of mindsets will be critical for the future of the education system.

Parents now have a better understanding of the need to work jointly with schools to foster the education of their children. They now know that they can be, and actually are, a major figure in the education process of their children. And many parents who are now struggling with supporting they children to maintain some of their learning process at home will have a better understanding of just how demanding and challenging the teacher’s job is.  Parents have a much greater appreciation for teachers and what they do. And parents now clearly recognize that education is a social experience – a lot of the magic of learning, of the development of ideas and creativity, come from the social interaction with teachers and peers. If someone ever thought that teachers could be replaced by artificial intelligence, it is now clear that is not the case.

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Is inclusive growth an oxymoron?

Article by: Pinelopi Goldberg – Chief Economist, World Bank Group

 

After participating in two events on inequality at the Spring Meetings1140x900_inclusive_growth_image01Making Growth Work for the Poor and Income Inequality Matters: How to Ensure Economic Growth Benefits the Many and Not the Few, I received a surprising number of emails asking whether my remarks on the importance of addressing rising inequality meant I had abandoned growth as the main priority for developing countries. One thing I certainly took away from this correspondence: Inequality is too complex a phenomenon to address in a brief session at the Spring Meetings.

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Tackling gender inequality through investments in health equity

Still today, in almost all societies around the world, women are less well-off than men.democratic-republic-congo_final_edit_0029.jpg Women are still paid less than men; they are less represented in business, politics and decision-making. Their life chances remain overwhelmingly less promising than those of men.

This inequality hurts us all. The world would be 20% better off if women were paid the same as men. Delaying early marriage in the developing world by just a few years would add more than $500 billion to annual global economic output by 2030.

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Breaking the vicious cycle of high inequality and slow job creation

nasikiliza-breaking-the-vicious-cycle-of-high-inequality-and-slow-job-creation-780x439Growth is picking up in South Africa, and this is good news after two years of declining incomes per capita. Observers are revising their forecasts, and optimists foresee economic growth to exceed 2% in next years. In recent months, several events have indeed improved South Africa’s economic outlook: the smooth transition in power, the authorities’ reaffirmed adherence to principles of good governance and debt stability, and the upward revision in national accounts, revealing higher economic activity in 2017 than previously measured.

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Moving beyond GDP to look at the world through the lens of wealth

STORY HIGHLIGHTS Graph1

  • Global wealth grew significantly over the past two decades with middle-income countries catching up to high-income countries.
  • New World Bank report includes estimates of human capital for the first time. Human capital is the largest component of global wealth, pointing to the need to invest in people.
  • Natural capital makes up nearly half of the wealth in low income countries. More efficient, long-term management of natural resources is key to sustainable development.

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